The PRWIRE Press Releaseshttp://2011-04-19T05:17:27ZWatpac achieves $100M property sales target2011-04-19T05:17:27Zwatpac-achieves-100m-property-sales-targetWatpac (ASX: WTP) has entered into a contract to sell its 8 Australia Avenue retail and commercial development at Sydney Olympic Park to Centuria Capital (ASX: CNI), bringing its total property sales for the 2010/2011 financial year to $100 million.
Greg Kempton, Watpac Managing Director, said the Company had delivered on its target of reaching $100 million of property asset sales notwithstanding challenging market conditions.
&ldquo;The $100 million of sales proceeds has been used to reduce property debt and fund expansion in the Group&rsquo;s civil and mining operations,&rdquo; Mr Kempton said.
8 Australia Avenue was fully leased two months prior to construction completion in late 2009, and is now home to top-quality tenants such as Fujitsu and the Sydney Olympic Park Authority.
The A-grade office building features five levels of commercial space above ground floor retail and hospitality tenants, and is ideally situated in the heart of the Sydney Olympic Park area, opposite the railway station and within close proximity of a range of retail and recreation options unique to the Park.
8 Australia Avenue achieved a 4 Star Green Star&mdash;Office Design v2 rating with the Green Building Council of Australia, and has a Commitment Agreement to achieve a 4.5-star NABERS Energy rating.
The building features a grey water recycle connection, good solar orientation, and sun shading to limit the reliance on air conditioning.
Mr Kempton said the sale of the building to Centuria was indicative of the high quality of the development.
&ldquo;This is another sign of the strength and resilience of our company, and indicates the market has confidence in the quality of our developments.&rdquo;Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.Watpac Construction wins $155 million worth of projects in south-east Queensland2011-04-04T00:45:19Zwatpac-construction-wins-155-million-worth-of-projects-in-south-east-queenslandWatpac&rsquo;s Construction division in Queensland is celebrating the award of two contracts totalling $155 million in the south-east region.
The Company has been awarded construction of the $107 million Advanced Engineering Building (pictured right) at The University of Queensland&rsquo;s St Lucia campus in Brisbane. This project has been jointly funded by the Australian Government through the Education Investment Fund, the Queensland Government and The University of Queensland.
The seven-storey, 22,000m2 building will aim to achieve a Green Star rating from the Green Building Council of Australia, and will comprise testing laboratories, teaching areas and support facilities, design studios, administration offices, and an auditorium.
Watpac has also been awarded the Boondall Aged Care Facility in Brisbane, valued at $48 million.
This independent living and aged care facility comprises 128 one, two and three-bedroom independent living units plus a 10-room aged care facility. The complex is spread over seven levels and also features a 15m pool and a gymnasium.
Greg Kempton, Watpac Managing Director, said the projects will demonstrate the depth of Watpac&rsquo;s knowledge and expertise.
&ldquo;Watpac has earned a reputation for undertaking technically challenging works incorporating innovative and advanced environmentally sustainable design elements,&rdquo; Mr Kempton said.
&ldquo;We also have vast experience in the fields of health, scientific, and educational construction which will be utilised on these two unique, challenging projects.
&ldquo;We are very pleased to be able to continue our association with both The University of Queensland and the Holy Spirit Care Services, and we are looking forward to beginning construction very soon.&rdquo;
Watpac has previously constructed the Sir Llew Edwards Building and the Queensland Brain Institute for The University of Queensland.Note to editors: - Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information about the Company and its projects can be found at www.watpac.com.au.- You can now follow us on Twitter @watpaclimitedWatpac Property releases prime Chapel Street retail space2011-03-23T22:53:58Zwatpac-property-releases-prime-chapel-street-retail-spaceConstruction has commenced on Watpac Property&rsquo;s premier Rue de Chapel development in Melbourne&rsquo;s inner-urban suburb of Prahran.
This high-calibre mixed-use development embodies Melbourne&rsquo;s cosmopolitan lifestyle, and with all 84 apartments pre-sold the new building is now under construction.
Rue de Chapel is located at 256-260 Chapel St opposite the City of Stonnington Town Hall, and only 5km from the CBD. The building&rsquo;s retailers and residents will be at the centre of Melbourne&rsquo;s trendiest fashion and lifestyle precinct. Cafes, restaurants, supermarkets, Prahran Station and Prahran Markets are all within a short walk of this soon-to-be iconic building.
Watpac Property collaborated closely with cutting-edge architects SJB to develop the concept for this prominent corner site. A section of the existing heritage faade is being retained above the ground floor retail tenancies, while a new eight-level building will be set back from Chapel Street. The faade of the new section features a distinctive laser-cut screen, while a Jack Merlo-designed rooftop garden will complete the boutique development.
Greg Kempton, Watpac Managing Director, said commencing construction of Rue de Chapel was a major milestone for the Company.
&ldquo;Rue de Chapel will set a high benchmark for future Watpac developments both in Victoria and nationally,&rdquo; Mr Kempton said.
&ldquo;After a challenging town planning process and a successful residential sales and marketing campaign, it is very pleasing to begin construction work on the site and set about delivering a development that will prove to be a quality investment for owner occupiers, investors and retailers.
&ldquo;Our retail marketing campaign has started well with significant tenant interest from major local and international retailers looking to establish flagship stores in Australia.&rdquo;
Watpac Property has launched prime ground floor retail space for lease, with eight shops that activate both Chapel Street and King Street. A total of 750 square meters of space is available.
The retail component is being released through leading Melbourne commercial agent Gross Waddell. Prospective tenants should contact Jonathon McCormack on 0418 835 885 or Michael Gross on 0419 335 561 for further details.
Rue de Chapel is being built by Watpac&rsquo;s Construction division, and is expected to be completed mid-2012 with Watpac intending to work closely with retail tenants to activate the ground level earlier.
Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.Note: You can now follow us on Twitter! @watpaclimitedWatpac renews sponsorship of Port Adelaide Football Club2011-02-28T23:38:11Zwatpac-renews-sponsorship-of-port-adelaide-football-clubIn a sign of its continued commitment to the South Australian community, leading Australian contracting and property business Watpac Limited has renewed its position as a Premier Partner of the Port Adelaide Football Club.
The renewed agreement comes after Watpac&rsquo;s South Australian building construction business was recently awarded the $75 million Adelaide Airport Landside Infrastructure Project, the Company&rsquo;s first building construction project in the State.
As a Premier Partner, Watpac joins other second-tier sponsors including Lion Nathan, SGIC, Bianco, Reebok and VIP.
Greg Kempton, Watpac Managing Director, said he was pleased Watpac would continue to support the Port Adelaide Football Club in 2011.
&ldquo;The Port Adelaide Football Club has a long and proud history in South Australia, and we are delighted to be able to continue our association with this organisation, and the wider AFL community,&rdquo; Mr Kempton said.
&ldquo;As a Company which boasts a number of Adelaide-bred senior managers, including myself, I am also personally glad to see our Company supporting and committing to local community and sporting organisations in South Australia.&rdquo;
Mr Kempton said that while Watpac&rsquo;s Civil Infrastructure business has been operating in South Australia for many years, the Adelaide Airport project represented the first step in a long-term commitment to the creation of a sustainable construction business in a state the Company considers is destined for growth via a strategy that is complementary to Watpac&rsquo;s own plans for the national expansion of its construction operations.
&ldquo;We are looking forward to continuing the growth of our Company in this state, and to witnessing a very successful season ahead for the Port Adelaide Football Club.&rdquo;
Mr Kempton said the sponsorship agreement recognised the strength of the relationship between the Company and the wider AFL community, with Watpac currently constructing the Gold Coast Stadium for the new Gold Coast Suns AFL team, and having previously built &lsquo;The Gabba&rsquo; in Brisbane (home to the Brisbane Lions), and the Premiership Stand at Skilled Stadium in Geelong (home to the Geelong Cats).
Mark Haysman, Port Adelaide Football Club Chief Executive, said he was delighted that Watpac would be continuing as a Premier Partner for the 2011 season.
&ldquo;We are thrilled that Watpac will be continuing their partnership with the Port Adelaide Football Club as a Premier Partner in 2011 and their impact in the South Australian community within a relatively short period of time is certainly a reflection of their genuine and long-term commitment to this state,&rdquo; Mr Haysman said.
&ldquo;Watpac is a terrific company with great people and we very much appreciate their support of the Port Adelaide Football Club.&rdquo;
Note: You can now follow Watpac on Twitter @watpaclimitedWatpac wins over $628M of projects in last quarter2011-02-22T05:16:11Zwatpac-wins-over-628m-of-projects-in-last-quarterWatpac Limited (&ldquo;Watpac&rdquo;) (ASX: WTP), a diversified construction, civil and mining, and property group today announced an after-tax profit for the half year to 31 December 2010 of $4.3 million.
This result is within the profit guidance range released to the market on 18 January 2011. As indicated in that announcement, the Group&rsquo;s result is lower than the previous corresponding period primarily as a consequence of the sustained unseasonal wet weather in Queensland and Victoria during the quarter up to 31 December 2010. The Directors expect an improved second half for FY11 and believe the Group is well positioned for FY12 with record contracting work in hand.
The full results can be viewed at http://www.watpac.com.au.The Board has declared a fully franked dividend of 1.5 cents per share for the six-month period. Whilst lower in dollar terms than the previous corresponding period, the dividend reflects continuation of the Company&rsquo;s historical payout ratio and reinforces the Directors&rsquo; confidence in the strong long term earnings expectations for the Company. The dividend reinvestment plan remains in place.
Greg Kempton, Watpac Managing Director said, &ldquo;The business remains in sound financial condition and the Company expects to report a stronger second half. In saying that however, I expect the abnormal wet weather conditions experienced on the east coast of Australia to result in a weaker financial performance in the contracting sector in FY11 when compared to FY10. Watpac&rsquo;s diversified operations and strong forward order book finds us particularly well positioned though for FY12 and beyond.&rdquo;
Contracting
The Group was awarded $628 million of contracting work in the quarter to 31 December 2010. The Company&rsquo;s quarterly work in hand media release is attached to this announcement. The Group&rsquo;s work in hand position is currently a record $1.8 billion.
&ldquo;We have continued to secure high quality building, civil and contract mining projects during the period.&rdquo;
&ldquo;Our brand reputation continues to grow interstate having secured the $353 million One Central Park residential project for Frasers Property in Sydney and the $102 million Eastern Plaza Development at the Melbourne Tennis Centre.&rdquo;
&ldquo;Our entry into the South Australian construction market has also been successful securing the $75 million Adelaide Airport Landside project.&rdquo;
The Company&rsquo;s Civil &amp; Mining business on the East Coast was impacted by bad weather in the first half, but mining work in Western Australia is being delivered in accordance with Watpac&rsquo;s contractual obligations, on time and on budget.
&ldquo;The mining services sector represents a huge growth upside for the Group, but we must ensure that growth is delivered in a measured way.&rdquo; Mr Kempton said.
Property
Mr Kempton reiterated that the Company&rsquo;s property book was comprised of quality assets that were strategically well located in South East Queensland.
&ldquo;There is significant value to be realised from the strategic disposal or development of the Group&rsquo;s property portfolio, but for the moment, supply and demand side forces are not operating to allow those assets to be realised&rdquo;. Mr Kempton said.
&ldquo;Whilst investor yield expectations on commercial and industrial property are not helpful for developers, it is encouraging to see financiers are more positive about the sector&rdquo;.
The Directors continue to apply a conservative accounting treatment in respect of property and have directly expensed property holding costs and interest of $6.3 million during the six month period.
Notwithstanding these challenges, the company has delivered on its strategy to reduce its exposure to property by completing the sale of the Waterloo Stage 1 Commercial Office tower and the Coolum Lot 146 Industrial assets in Queensland at book value. It is expected that the 8 Australia Avenue Commercial Office tower in New South Wales will be disposed prior to 30 June 2011.$66M La Trobe Institute of Molecular Science construction contract awarded to Watpac2011-02-22T04:07:01Z66m-la-trobe-institute-of-molecular-science-construction-contract-awarded-to-watpacWatpac&rsquo;s (ASX: WTP) Construction division has been awarded the $66 million construction contract for the prestigious La Trobe Institute of Molecular Science (LIMS) project in Victoria (perspective pictured right).
Watpac has earned a reputation for successfully delivering a range of highly complex and technically challenging science-based facilities in recent years, with many of the facilities focused on life-saving medical research
The LIMS project, which has an overall value of $93 million, will be an iconic new building creating a world-class facility for molecular science, biotechnology and nanotechnology research, teaching and learning.
Located at the La Trobe University Melbourne campus, the building will form the nucleus of the Faculty of Science and will provide research environments that will both attract and support mid-career scientists.
The project comprises approximately 11,000m2 of new teaching and research laboratories over six levels, plus associated connection works to adjacent buildings, external landscaping and civil works and campus service connection works.
The three levels of teaching laboratories will include associated support spaces, and a ground level lecture theatre and &lsquo;equipment barn&rsquo;. The upper three levels will comprise research laboratories and associated academic and general staff office spaces.
LIMS has been designed by leading university architects Lyons, and is designed to have a high level of transparency allowing users and visitors to view the teaching and research spaces.
Construction will begin in February 2011, with the project anticipated to be delivered in late 2012.
The project adds to the Company&rsquo;s impressive portfolio of science and medical research projects, which includes the $360 million Knowledge Based Research and Business Project&mdash;Ecosciences and Health and Food Sciences Precincts in Brisbane, the $134 million Queensland Institute of Medical Research Smart State Medical Research Centre, the $80 million Cochlear Global Headquarters facility at Macquarie University in Sydney, and the $56 million Queensland Brain Institute.
Greg Kempton, Watpac Managing Director, said the Company was looking forward to working on the unique and technically challenging project.
&ldquo;Scientific and medical research projects such as LIMS offer our team members the opportunity to use their skills on extremely complex projects that require a high level of intricacy,&rdquo; Mr Kempton said.
&ldquo;LIMS is an exciting project that provides new challenges for our experienced staff, and those who are newer to the construction industry, and the opportunity for all employees to expand on their skills.
&ldquo;I am very pleased Watpac will be a major part of realising La Trobe University&rsquo;s vision of becoming a world leader in molecular science research, and we are looking forward to delivering this world-class facility for the next generation of leading scientists.&rdquo;
Watpac awarded $75M Adelaide Airport Project2011-02-22T04:05:00Zwatpac-awarded-75m-adelaide-airport-projectWatpac Limited&rsquo;s (ASX: WTP) newly established South Australian Construction business is already gathering strong momentum in the local market, with the Company being awarded the Adelaide Airport Landside Infrastructure project.
The contract, with a construction value of approximately $75 million, represents Watpac&rsquo;s first building construction job in South Australia, where the Company has undertaken civil infrastructure projects for many years.
The works will comprise a five-level multi-deck car park which will provide direct access to the existing Adelaide Airport Terminal 1 via a pedestrian plaza space. It will be served by major access roads that incorporate the re-alignment of existing road infrastructure, and the construction of additional roads.
The 2,000-space car park is expected to facilitate approximately 7,000 vehicle entries per day, and will include facilities for hire car operators and valet parking, as well as improved taxi, limousine and bus access.
The project will also comprise significant architectural landscaping, paving, curved feature canopies and an impressive link bridge between the terminal and the car park.
Watpac&rsquo;s Civil Infrastructure team will also be intimately involved, undertaking the road works component of the project.
Greg Kempton, Watpac Managing Director, said he was delighted Watpac had made such a strong entrance into the local construction market after recruiting local State Manager for Construction, Tim Tape, late last year.
&ldquo;Having only established our Construction division in South Australia in October 2010, we are very pleased to be awarded this significant job as our first construction project in this State,&rdquo; Mr Kempton said.
&ldquo;The Adelaide Airport Landside Infrastructure project sets a high benchmark for our continued success in South Australia, and will ultimately be a positive contribution to the strategic growth strategy we have in place for our businesses in South Australia.
&ldquo;In addition to our local leadership team, this is the State where myself and our National General Managers of Construction and Civil &amp; Mining originally hail from, so taking part in such a high-profile project, and one that is so important to the community, is particularly rewarding.
&ldquo;We are looking forward to working with our client, sub-contractors, suppliers and all stakeholders to deliver a world-class project that will benefit all stakeholders.&rdquo;Watpac &amp; Housing NSW announce $95M Villawood Housing Joint Partnership2011-02-09T06:55:34Zwatpac-amp-housing-nsw-announce-95m-villawood-housing-joint-partnershipHousing Minister Frank Terenzini and Member for Fairfield Joe Tripodi today officially launched the $95-million Kamira Court, Villawood Urban Renewal Project.
Mr Terenzini said this public-private joint partnership, with a wholly owned subsidiary of Watpac Limited, is another great milestone in the Keneally Government&rsquo;s drive to increase the supply of affordable housing.
&ldquo;This Government remains determined to increase the supply of homes for low income earners struggling to purchase their own home, while making sure people in need have access to modern, well-designed social housing.
Mr Tripodi said this project provides a great opportunity to markedly increase affordable housing in Villawood, which is a high demand area.
&ldquo;It&rsquo;s also a big win for Housing NSW tenants as this project will change the face of local public housing &ndash; 111 state of the art social housing units designed to better meet the needs of an ageing population.
&ldquo;This project will create a stronger and more inclusive community, building on the firm foundations created by decades of Villawood residents and community leaders.
&ldquo;This is a fantastic location for our new housing development - it is close to transport, shopping and other community facilities and it will be a great place to live, Mr Tripodi said.
Mr Terenzini said the Kamira Court Villawood Urban Renewal Project will include a mix of social and private housing, and will be built on the 1.5 hectare vacant site at the former Kamira Court public housing area at Villawood.
&ldquo;All 111 units will be for seniors but there will be an additional 169 privately-owned and affordable units which will address the need for better integrated housing.
&ldquo;The social housing units will all be managed by a third party when they are built which will grow community housing in the area and provide an alternative landlord for the social housing tenants.
&ldquo;These units have been designed to meet the requirements of seniors living and feature internal community rooms, accessible design and level access to nearby transport and community facilities.
&ldquo;Watpac is in discussions with UnitingCare Ageing concerning the provision of various new community amenities including such facilities as a wellness centre, day activity centre, library, cafe, function rooms and training/community services.
Mr Terenzini said Housing NSW has signed an partnership agreement for the project with Watpac, which was selected because of its proven track record in delivering multi-unit residential developments, including major projects for Housing NSW.
&ldquo;The procurement and assessment process that lead to selection of Watpac was extensive. Extensive.
&ldquo;A number of community consultation workshops have been undertaken on the project since 2005 with Fairfield City Council and various interest groups including local residents, adjoining land owners and shop keepers.
&ldquo;I&rsquo;d like to assure residents and community leaders alike that they will continue to be consulted on this redevelopment, and everything will be done to make the transition as inclusive as possible.
&ldquo;If one word describes this project, it&rsquo;s &lsquo;partnership&rsquo; - with Housing NSW, Watpac, and community groups all working together.&rdquo;
Greg Kempton, Watpac&rsquo;s Managing Director, supported the Minister&rsquo;s pledge for consultation and communication which will play a big part in the successful renewal of Kamira Court.&rdquo;I am very pleased that Watpac is able to play an integral role in the process of providing high-quality housing for those in the community who need it most,&rdquo; Mr Kempton said.
&ldquo;As both the developer and the builder, we are committed to working closely with the community and all stakeholders in delivering this project to the exceptional standards Watpac has become known for.
&ldquo;We anticipate the Kamira Court project will create approximately 150 jobs during Stage 1 of the works, which will ultimately benefit the community not only through offering opportunities for employment, but also through supporting surrounding businesses.
&ldquo;We are looking forward to continuing to assist Housing NSW realise its vision for state-of-the-art social housing.&rdquo;
Construction of the 111 senior&rsquo;s social housing units and Stage 1 of the affordable housing is expected to start in March 2012 and is due for completion in May 2013. Watpac Construction announced as Preferred Tenderer for Eastern Plaza project2010-12-23T03:13:43Zwatpac-construction-announced-as-preferred-tenderer-for-eastern-plaza-projectWatpac Limited&rsquo;s (ASX: WTP) Construction division has been nominated as Preferred Tenderer for the Eastern Plaza project at Melbourne Park, the home of Australian tennis.
Located in the area between Hisense Arena and Punt Road, the design and construct project is part of Stage 1 of an overall $363 million redevelopment of the Melbourne Park precinct, which will provide major upgrades to the facility, securing the long-term future of the Australian Open Grand Slam tournament.
The project will include the construction of a new public plaza and gathering space, eight new indoor courts and 13 outdoor courts for elite training and general public use, and state-of-the-art player facilities including a gymnasium, lounge areas, change rooms, and coaching facilities.
Watpac will also undertake the refurbishment and construction of new entries to Hisense Arena, and the construction of additional parking and a footbridge linking Melbourne Park to the Melbourne Rectangular Stadium.
The redevelopment aims to cater for the growing popularity of the Australian Open and to establish Melbourne and Olympic Parks as an unbeatable sports and events precinct. It will place a strong emphasis on the comfort of patrons, with more open space and shade, increased seating capacity, better connections to public transport and the city, and easier movement into and within Melbourne and Olympic Parks.
Watpac's consultant team who prepared the preferred design includes Daryl Jackson Architecture, Winward Structures and WSP Lincolne Scott.
The Company will work with the Victorian Government, the Melbourne and Olympic Parks Trust, and Tennis Australia to deliver the project.
The nomination as preferred tenderer for the project reflects Watpac&rsquo;s reputation as a quality builder of major sporting facilities around Australia, with previous projects including the Skilled Stadium Premiership Stand at Geelong, Skilled Park Stadium on the Gold Coast, and Suncorp Stadium and &lsquo;The Gabba&rsquo; in Brisbane.
The Company is also currently undertaking the construction of the State Sports Facilities project at Albert Park in Melbourne, and the Gold Coast Stadium in Queensland (new home for the Gold Coast Suns AFL Club).
Greg Kempton, Watpac Managing Director, said he was delighted the Company was nominated preferred tenderer for this part of the Melbourne Park redevelopment.
&ldquo;The Australian Open is one of this country&rsquo;s most iconic and historically valued events, and we are very pleased to be able to play a part in ensuring the longevity of this Grand Slam tournament,&rdquo; Mr Kempton said.
&ldquo;This project is an opportunity for Watpac to showcase its aptitude for constructing world-class sport facilities catering for top national and international athletes and their fans.
&ldquo;Projects of this type offer a range of technical challenges, and our team is eager to put its skill and knowledge of major sporting facilities construction into motion.
&ldquo;We are looking forward to working with all stakeholders to deliver a facility both Victoria and the nation can be proud of.&rdquo;
Works are expected to begin on site following the 2011 Australian Open.Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.Watpac to build One Central Park2010-12-13T02:21:57Zwatpac-to-build-one-central-parkWatpac Limited&rsquo;s (ASX: WTP) Construction division has been awarded the $353 million construction contract to deliver the prestigious &lsquo;One Central Park&rsquo; residential and retail buildings in Sydney for Frasers Property Australia.
One Central Park is the landmark first residential stage of the $2 billion Central Park precinct in downtown Sydney. As a new urban village located at the western gateway to the CBD, the completed Central Park precinct will comprise residential, retail, and commercial space.
The East tower at One Central Park will comprise 33 storeys, while the West tower will be 16 storeys high, delivering 623 residential units above a five-level retail and recreation podium, The complex will also include a further five levels of basement car parking to cater for 1,200 vehicles.
The contract to build One Central Park is expected to generate approximately 700 construction jobs from the commencement of construction through to 2013, when the buildings are expected to be completed.
A further 150 people will be engaged in off-site activities during the build, which will present unique challenges to the Watpac team in terms of the creation of One Central Park&rsquo;s cantilevered heliostat which will be positioned 30 levels above ground and extending 32 metres from the edge of the building.
Watpac already has an established relationship with Frasers Property Australia, having completed construction of its &lsquo;Trio&rsquo; residential complex in Camperdown in September 2009 after a build of just two years.
Greg Kempton, Watpac Managing Director, said the Company was delighted to be awarded the contract to deliver this unique development, which he said demonstrated the level of confidence Frasers Property Australia has in Watpac&rsquo;s capability to deliver world-class projects.
&ldquo;One Central Park will no doubt be a landmark development for Sydney, and we are very pleased to be able to play a part in realising this vision, and to be able to work once again with Frasers Property Australia,&rdquo; Mr Kempton said.
&ldquo;This project offers our team an opportunity to use their unique skills on a highly technical and challenging project that will not only be a milestone for the people of Sydney, but will also rival other developments of its type both nationally and internationally.&rdquo;
Dr Stanley Quek, Frasers Property Australia Managing Director, said the $353 million construction contract with Watpac is the largest contract of its kind to be signed on a residential project in Sydney for many years.
&ldquo;Frasers has signed this significant contract with Watpac based on the company&rsquo;s reputation in the industry as a leading construction services provider that consistently delivers in terms of timeframes, quality and attention to detail,&rdquo; Dr Quek said.
&ldquo;Watpac&rsquo;s dedication to delivering on sustainability targets was also another important factor for us when selecting a builder for One Central Park,&rdquo; added Dr Quek.
Watpac Construction will build One Central Park&rsquo;s two residential towers and five-level retail podium as part of the Central Park precinct, which will encompass state-of-the-art environmental management and energy-efficient components during design and construction that will set new industry benchmarks.
The development will aim to achieve minimum 5 Star Green Star ratings for design and building under both the Multi Unit Residential v1 and Retail Centre v1 Green Building Council of Australia rating systems.
For the precinct at large, the developer is planning to use on-site tri-generation for power, a water recycling and blackwater treatment plant and passive solar design to ensure Central Park achieves exceptional standards of environmentally sustainable design.
External hard and soft landscaping works are also to be delivered and both towers will feature extensive vertical gardens, creating an appearance of green living walls on the exterior of the buildings. A heliostat reflector system will see mirrors reflect sunlight in to the void space between the two towers and adjoining gardens.
The cutting-edge, world-class project has attracted internationally renowned architects including Jean Nouvel of Ateliers Jean Nouvel, who has collaborated with botanist Patrick Blanc to integrate into the faade of One Central Park the &lsquo;living walls&rsquo; for which Mr Blanc is so famous.
As well as Frasers Property Australia&rsquo;s $118 million Trio apartment complex in Camperdown, other projects recently completed by Watpac in Sydney include the 8 Central Avenue precinct at Australia Technology Park in Eveleigh (home to Channel 7, Pacific Magazines, and Global Television Services), and the $89 million the University of New South Wales student accommodation project at Kensington.In addition to Trio and Central Park, other Sydney developments by Frasers include &lsquo;Lumiere Residences&rsquo; in Sydney&rsquo;s CBD and &lsquo;Lorne Killara&rsquo; on Sydney&rsquo;s north shore. The developer also recently acquired a portion of the Royal Rehab site in Putney where it plans to build around 800 residences. Beyond Sydney, Frasers has recently commenced construction on a 450 apartment residential complex in East Perth known as &lsquo;Queens Riverside&rsquo; and has residential subdivisions in both Western Australia and New Zealand.
Frasers has already sold more than half the apartments at One Central Park, with $260 million in sales to date. Last week PA approval for the second major residential stage at Central Park was announced by Planning Minister Tony Kelly.
The Central Park Display Pavilion is now open daily from 10am to 6pm, at 80 Broadway, Chippendale. Telephone 1300 857 057 for details or visit www.centralparksydney.com.Australian Hearing Hub project awarded to Watpac2010-11-03T03:36:36Zaustralian-hearing-hub-project-awarded-to-watpacWatpac&rsquo;s Construction division has been appointed under the Early Contractor Involvement (ECI) process in the first step toward formal commencement of the construction of the new $75m Australian Hearing Hub to be built at Macquarie University in Sydney (perspective pictured right).
The appointment of Watpac Construction comes as it recently completed the Cochlear Global Headquarters project, also located at Macquarie University, on time and on budget.
The Hearing Hub will be a unique, world-class facility purpose-designed for research into hearing and related speech and language disorders.
It will bring together research teams from the University, and potentially major government research organisations, along with teams from Cochlear and major related not-for-profit organisations.
The Australian Hearing Hub will also provide additional teaching and learning scope for students in Hearing, Audiology and Language sciences.
The six-storey building will feature approximately 20,000m2 of net lettable space, and two levels of basement car parking catering for over 300 vehicles.
The precinct will also include approximately 2,000m2 of shared space, which will feature specialist anechoic (&lsquo;no echo&rsquo;) chamber, a 150-seat lecture theatre, and a Magneto Encephalograph (MEG) facility, which will require the relocation of two existing MEG machines from within the University and the installation of a third.
Other shared facilities will include meeting and conference rooms, information technology spaces, teaching rooms, a library and a caf.
Watpac has been invited to participate in the ECI process under a Construction Management model, to assist the University in establishing the design parameters for the project. The construction contract is expected to begin following the successful completion of the ECI process.
Greg Kempton, Watpac Managing Director, said the Company was extremely pleased to be appointed to the project team.
&ldquo;Being involved in such a prestigious project as the Australian Hearing Hub by Macquarie University shows our clients have great confidence in Watpac&rsquo;s ability to successfully complete ground-breaking, technically challenging works,&rdquo; Mr Kempton said.
&ldquo;We are delighted to be able to bring the vision of the Australian Hearing Hub to life, which will provide much-needed resources in the fields of audiology and speech research.
&ldquo;We are looking forward to beginning work on site soon and to continuing to work closely with Macquarie University to develop their emerging hearing precinct.&rdquo;
Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.Watpac supports Safe Work Australia Week 20102010-10-24T23:40:34Zwatpac-supports-safe-work-australia-week-2010Safe Work Australia Week 2010 begins today and one of Australia&rsquo;s leading contracting companies, Watpac Limited, is getting behind this important initiative.
Throughout the week, Watpac will be undertaking a range of activities to promote best practice in workplace health and safety, focusing on the theme of &lsquo;work safe, home safe&rsquo;.
According to Queensland Government statistics, each year in Queensland there are around 100 work-related fatalities and nearly 30,000 serious injuries and diseases where workers are either permanently impaired or seriously injured .
Members of the Spinal Injuries Association&rsquo;s SEAT at WORK program will visit two Watpac sites in Brisbane to speak about some of the possible permanent effects of workplace incidents, and how these impact life at home.
On Tuesday 26 October, the SEAT at WORK facilitators will speak to employees at Watpac&rsquo;s Brisbane Markets Northern Warehouse project site at Rocklea, and will again present at the Queensland Institute of Medical Research Smart State Medical Research Centre site at Herston.
Watpac will also hold a drawing competition for children of employees throughout Queensland, where participants will be asked to draw a scene demonstrating how their family member stays safe at work.
Twelve winning drawings will be chosen and compiled into Watpac&rsquo;s 2011 Safety Calendar, which will be distributed to Watpac offices and related industry and government bodies.
In addition, throughout the week safety-themed &lsquo;toolbox talks&rsquo; will be held on site, and audits of safety equipment and practices will be undertaken.
Greg Kempton, Watpac Managing Director, said it was important for Watpac and the wider construction, civil and mining industries to support Safe Work Australia Week.
&ldquo;At Watpac, safety is our number one priority and events such as Safe Work Australia Week are a timely reminder to all staff of the importance of maintaining standards of excellence in workplace health and safety practices,&rdquo; Mr Kempton said.
&ldquo;Though we focus on safety every day of the year, this week is an opportunity to engage not only staff members and sub-contractors but their family members and friends, and to drive home the &lsquo;work safe, home safe&rsquo; message.
&ldquo;Activities such as the drawing competition help to generate discussion at home regarding workplace health and safety, and we hope that with this extra encouragement from family members, employees and sub-contractors will become even more aware of their work practices on site.
&ldquo;I am looking forward to seeing Watpac staff and sub-contractors on site engaging in Safe Work Australia Week activities, and continuing to work in a manner that supports Watpac&rsquo;s reputation as a leader in workplace health and safety.&rdquo;
Watpac has previously won industry and Government praise for its innovation in workplace health and safety. Most recently, the 8 Australia Avenue project in Sydney Olympic Park earned the Excellence in Safety for Construction (projects under $50 million) from the Master Builders Association of New South Wales.
Watpac&rsquo;s Skilled Park Stadium project at Robina earned numerous awards for an innovative safety system implemented to protect people working at heights. Some of the awards included the National 2007 Safe Work Australia Award for Best Solution to an Identified Workplace Health and Safety Issue, and the Queensland Master Builders Association Award for Innovation in Workplace Health &amp; Safety.
Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.
Watpac reports exceptional performance at 25th Annual General Meting2010-10-21T06:02:12Zwatpac-reports-exceptional-performance-at-25th-annual-general-metingAt its 25th Annual General Meeting today, Watpac Limited (ASX: WTP) reported to shareholders the Company had delivered on its promise of improved earnings during the past financial year.
Shareholders learned that work in hand stands at $1.4 billion, but with Watpac being preferred tenderer on a number of projects, this figure was likely to increase to $1.8 billion.
The meeting came as Watpac reached completion on time and ahead of budget of two major construction projects totalling $450 million.
The Cochlear Global Headquarters project in Sydney reached practical completion yesterday, while the Knowledge Based Research and Business Project&mdash;Ecosciences Precinct in Brisbane was officially handed over to the client.
The meeting was also an occasion to celebrate the Company&rsquo;s 25th anniversary of becoming publicly listed. The Company was first established in Brisbane as Watkins Pacific in 1983, and became officially listed on the ASX on 15 August 1985, with 22.5 million shares offered at 50 cents each.
Of Watpac&rsquo;s 7,600-plus current shareholders, 109 on the register have continuously held shares since the Company first listed on the ASX.
From humble beginnings, Watpac grew to become one of Queensland&rsquo;s leading construction and property companies, and is now one of Australia&rsquo;s most significant contracting businesses, expanding into the fields of civil infrastructure, civil landscaping, mining, and refurbishments.
The Company now has offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth, and an annual turnover approaching $1.3 billion.
Greg Kempton, Watpac Managing Director, said the anniversary of the ASX listing was a significant occasion for the Company.
&ldquo;Watpac&rsquo;s growth and success since 1983 would not have been possible without the loyalty and confidence of our investors, and the dedication of our staff,&rdquo; Mr Kempton said.
&ldquo;This year we have relocated staff to new, bigger premises in Brisbane, Sydney, and Melbourne to accommodate our tremendous growth.
&ldquo;We now have approximately 1,000 employees in offices and on sites around Australia, working on projects such as the $330 million-plus contracts for BC Iron in the Pilbara Region of Western Australia, and the $126 million Gold Coast Stadium project in Queensland.
&ldquo;Our diversity in terms of the services we are able to offer and our geographic spread has increased enormously, particularly in recent years, which has created rewards for both our shareholders and staff.
&ldquo;I am very proud of Watpac and everything the Company has achieved over the past 27 years, and we are looking forward to celebrating these successes at the 25th Annual General Meeting tomorrow.&rdquo;Some of Watpac&rsquo;s most significant projects successfully completed since 1983 include:&bull;The Brisbane Entertainment Centre, Brisbane (completed 1984) &bull;Seaworld Nara Resort, Gold Coast (completed 1988)&bull;The Townsville Breakwater Entertainment Centre, Townsville (completed 1998)&bull;Suncorp Stadium, Brisbane (completed 2003)&bull;Ballymore Eastern Grandstand, Brisbane (completed 1992)&bull;Lang Park Western Grandstand, Brisbane (completed 1994)&bull;&lsquo;The Gabba&rsquo; (Brisbane Cricket Ground) redevelopment, Brisbane (completed 2005)&bull;Queens Plaza Retail Centre, Brisbane (completed 2007)&bull;Skilled Park Stadium, Gold Coast (completed 2007)&bull;Skilled Stadium Premiership Stand, Geelong (completed 2010)&bull;Single LEAP Phase 1 Defence Accommodation Project, Brisbane and Sydney (completed 2008)&bull;Rosehill Gardens Pavilion, Sydney Turf Club (completed 2008)&bull;WhiteWater World, Dreamworld, Gold Coast (completed 2006)&bull;8 Central Avenue (home to Channel 7, Pacific Magazines, and Global Television Services), Sydney (completed 2010)
Note to editors:
&bull;Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au. &bull;The Annual General Meeting was held at 10.30am at the Stamford Plaza Hotel in Brisbane on Thursday 21 October. &bull;A copy of the Chairman&rsquo;s address to shareholders is available via www.asx.com.au.Watpac wins $132 million worth of projects2010-10-18T03:11:43Zwatpac-wins-132-million-worth-of-projectsWatpac Limited (ASX: WTP), one of Australia&rsquo;s leading contracting businesses, has been awarded approximately $132 million worth of projects in the quarter ended 30 September 2010, maintaining the Company&rsquo;s work in hand at $1.4 billion.
Greg Kempton, Watpac Managing Director, said winning such a large number of projects in a short period of time was indicative of the Company&rsquo;s strength.
&ldquo;The scope of these projects range from small car park redevelopments right through to major mining and construction contracts, showing the depth of skill and diversity Watpac has to offer our clients,&rdquo; Mr Kempton said.
&ldquo;These projects also demonstrate that both the public and private sectors have confidence in Watpac&rsquo;s ability to deliver high-quality projects on time, on budget, and to the highest standards of safety and environmental management.
&ldquo;We are delighted to be able to report our most recent successes to shareholders, and we are looking forward to being able to detail more project wins at our upcoming Annual General Meeting.&rdquo;
The projects follow Watpac&rsquo;s strong end-of-year results, released in August, that included an increase of 232 per cent in net operating profit before tax, and a fully franked dividend for the year of 11 cents per share.
A list and description of the work won in the last quarter can be viewed on the ASX website or at www.watpac.com.au.Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.Watpac&rsquo;s 25th Annual General Meeting will be held on Thursday 21 October at the Stamford Plaza, Brisbane.Watpac Civil Infrastructure awarded Piazza della Valle project2010-10-12T02:15:32Zwatpac-civil-infrastructure-awarded-piazza-della-valle-projectWatpac&rsquo;s Civil Infrastructure team in South Australia has been awarded the construction of the new Piazza della Valle precinct in McLaren Vale.
The $1.4 million project involves converting an old car park and surrounding areas into a new high-quality community space for the City of Onkaparinga.
Piazza della Valle (which means &lsquo;plaza in the valley&rsquo; in Italian) is designed to recognise the strong Italian heritage of the local area, providing a central meeting space similar to piazzas in Italy.
The works will include pavements, construction of a shaded seating area, a water feature, and a performance space, with the project expected to begin in mid-November.
The project is being jointly funded by the Onkaparinga Council, the local community and the South Australian State Government.
The project comes as Watpac prepares to commence its Construction operations in South Australia, having recently announced the launch of its new entity Watpac Construction (SA) Pty Ltd.
Greg Kempton, Watpac Managing Director, said the Company was delighted to be awarded the Piazza project.
&ldquo;Piazza della Valle is an exciting opportunity for our South Australian business to showcase its aptitude for high-quality civil work, and to contribute to the local community in a very meaningful way,&rdquo; Mr Kempton said.
&ldquo;We are looking forward to beginning work on the project shortly and to working with the community and the City of Onkaparinga in delivering a showpiece space that will be enjoyed by all.&rdquo;
Vicki Osland, Piazza della Valle Italian Heritage Committee Chair, welcomed the announcement of Watpac&rsquo;s appointment to the project.
&ldquo;The Committee is delighted that Watpac will soon commence construction of this wonderful community space in McLaren Vale,&rdquo; Ms Osland said.
Other projects Watpac is currently undertaking in South Australia include the Rundle Street Upgrade Stage 2, Bald Hills Road Reconstruction Stage 1, Walkerville Terrace Upgrade and the Curtis Road Upgrade project in Munno Para.
Watpac&rsquo;s Civil Infrastructure team also completed the River Torrens Pedestrian and Cycle Bridge earlier this year, linking Adelaide Zoo, the Adelaide Botanic Gardens and Botanic Park in North Adelaide.
Note to editors: Watpac is an ASX-listed company specialising in construction, civil engineering and mining, specialty services (including refurbishments), and property development. We have offices in Brisbane, Townsville, Sydney, Melbourne, Adelaide, and Perth. More information can be found at www.watpac.com.au.